Indian payment solution provider Pine Labs has reportedly filed for an initial public offering (IPO) in New York with the US securities and exchange commission (SEC).

The firm, which is expected to mark its stock market debut on US exchanges, is seeking to raise up to $500m through the listing, Bloomberg reported, citing people familiar with the development.

The listing is expected to value the firm between $5.5bn and $7bn, according to the sources.

Pine Labs filed for confidential IPO, which doesn’t require the company to disclose their financial information and other details to competitors for a substantial period of time compared to S-1 filings in the US.

Goldman Sachs and Morgan Stanley were hired by the firm to lead the listing, said the sources, who also added that the details including the size and timing IPO may change as considerations are ongoing.

Representatives Pine Labs, Goldman Sachs and Morgan Stanley did not comment on the news.

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The filing comes on the close heels of a $20m investment in Pine Labs by the State Bank of India.

In September 2020, the firm raised $100m from the US-based Invesco Developing Markets Fund. It followed Pine Labs’ $600m fundraising round in early 2021, which was joined by a marquee set of new investors.

Founded in 1998, Pine Labs offers services and tools related to inventory management and payment terminals to more than 150,000 merchants spread across India, Southeast Asia and the Middle East.

The firm is backed by Sequoia India, Mastercard, Temasek Holdings, Actis, and PayPal.

In April 2021, the firm entered into the consumer payment space with the takeover of Singapore-based consumer fintech platform Fave.